U.S. equities and stock exchange traded funds strengthened Wednesday as concerns over North Korea’s latest saber rattling took a back seat to improving U.S. economic growth data.
The S&P 500 Index, along with related funds including the SPDR S&P 500 ETF (NYSEARCA: SPY), iShares Core S&P 500 ETF (NYSEARCA: IVV) and Vanguard 500 Index (NYSEARCA: VOO), were up 0.5% Wednesday, bouncing back above its short-term, 50-day simple moving average.
Supporting U.S. market gains, the Commerce Department revealed gross domestic product increased at a 3% annual rate in the second quarter, its fastest pace in over two years, Reuters reports. The numbers were upwardly revised from the 2.6% pace reported last month, which reflected robust consumer spending and stronger businesses investment.
Additionally, payroll processor ADP calculated that U.S. private employers added 237,000 jobs in August for its largest monthly increase in five months, compared to economists’ expectations of 183,000 jobs added.